When it comes to managing your debt, the first and most important rule to remember is: don’t panic.

There are millions of people struggling financially in the UK, and the country itself is in a massive amount of debt. What you need to do is take charge, take control, and put a clear plan in place to alleviate your stress.

The snowball plan focuses on paying off your debts one by one, the smallest first. Typically, people in debt try to pay off the highest interest rate debt first, and then go down to the next lowest one and so on. But, especially if your highest interest rate debt is the largest balance, it will take you a long time to pay it off and you’ll lose momentum. Psychologically, this is much harder on you.